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HR’sGuidetoSetting
aCompensation
Strategy
Introduction
Attractingandretainingemployeesisonlygettingharder.Andwhileemployee
engagement,careerdevelopment,andflexibilityarecertainlyimportantfactors,
compensationmaybethebiggest.Onesurveyfoundthat52%ofemployeesviewed
potentialmeritincreasesastheirleadreasonforstayingwiththeircompanies,ahead
offactorslikecultureandworkrelationships.AndaccordingtoarecentLinkedIn
study,businessesratedhighlyoncompensationalsohave56%lowerattritionrates.
Whilemoneyisn’teverything,“comp”directlyimpactsengagementandperformance
andiscloselyintertwinedwithcareerdevelopment.Butatmostorganizations,the
decision-makingprocessaroundpaycanfeelarbitrary,shroudedinmystery,and
evensubjecttobias.Whenasked,only24%and27%ofemployeesandHRleaders,
respectively,believetheircompensationprocessesaretransparentoreasyto
understand.
Ifcompensationstrategyisn’talreadyacorepartofyourPeoplepractice,itshould
be.Inthisebook,we’lladdressthebigquestionsyouneedtoanswerbeforethatcan
happen.Fromidentifyingyourcomp“philosophy”todesigningsalarybandsthat
integratewithjoblevels,we’llgothroughwhatyouneedtoknowforamoreholistic,
transparent,andequitableapproachtoemployeepay.
2
DefiningYourCompensation
Philosophy
What’syourcompany’suniquetakeoncompensation?Whatdifferentiatesyour
approachfromothercompaniescompetingforthesametalent?Ifyou’relookingto
buildoutyourstrategy,youneedtostartbyidentifyingyourphilosophy.
Acompensationphilosophyisadocumentoutliningyourpositionandgoalsfor
employeecompensation.Inotherwords,thinkofitasbothyourmissionstatement
andhandbookforallthingsrelatedtoemployeepay.Thefirsthalfofthatmightlook
someth
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